BMNR
Another giant ETH flex
BitMine Immersion Technologies is back at the buffet, and this time it reportedly piled on roughly $233 million of Ethereum in a single move. That’s more than 100,000 ETH — the kind of buy that doesn’t whisper “confidence,” it shouts it through a megaphone.
Not just buying, but collecting yield
The company says it has staked more than 3 million ETH, or about two-thirds of its stack, which it estimates could generate around $300 million in annualized staking revenue. In other words: this isn’t just a “number go up” trade. BitMine is turning ETH into a cash-flowing treasury asset, which makes the bull case a lot more interesting than a simple crypto punt.
The Ethereum Foundation deal adds extra sauce
Layered on top is a separate OTC transaction: the Ethereum Foundation reportedly sold 10,000 ETH directly to BitMine at an average price of $2,387. When the org that helps steer the network is selling straight to you, that’s the kind of detail crypto traders love to pin to a corkboard and call institutional validation.
Why investors should care
BitMine is now one of the loudest corporate ETH believers on the street, and its buying spree could help keep sentiment frothy around Ethereum while the market tries to decide whether the next leg is up or sideways. If you’re bullish on ETH, this is the kind of headline that makes you feel smug. If you’re not, well, the company just keeps making your argument harder.
Big picture: BitMine is behaving less like a company that owns crypto and more like a crypto whale with a ticker symbol.